Parvin Faghfouri Azar

OPEC Chief Pledges to Deepen Ties with New U.S. Administration even as Biden Calls for Climate Action

Oil-producing group OPEC will continue to strengthen its relationship with the U.S. energy industry under Joe Biden’s new administration, the oil cartel’s Secretary General Mohammed Barkindo told CNBC on Tuesday. It comes despite the Democratic leader’s stated commitment to fight climate change and focus on renewable energy. Barkindo congratulated Biden …

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Low Production Due to Covid-19 Raising Fuel Prices

Union Minister for Petroleum and Natural Gas Dharmendra Pradhan on Monday said fuel prices had gone up because of lower production in oil-producing nations due to the coronavirus pandemic. This lower production had caused an imbalance in demand and supply, the minister said. “Oil producing countries stopped production or reduced …

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Oil Prices Mixed Ahead of Power Transition in US

Oil prices were mixed on Tuesday as China’s record-high refinery output in 2020 boosted positive market sentiment, but investors are still cautious ahead of the inauguration of US President-elect Joe Biden on Wednesday. International benchmark Brent crude was trading at $55.01 per barrel at 0645 GMT for a 0.47% rise …

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Iran Seizes 45,000 Bitcoin Miners for Illegally Using Subsidized Government Electricity

Police in Iran have reportedly seized 45,000 bitcoin mining rigs for illegally using subsidized electricity from the state-owned power utility Tavanir, the local Tasmin News Agency reported this week. According to Mohammad Hassan Motavalizadeh, head of Tavanir, the efficient application-specific integrated circuit (ASIC) bitcoin miners had been consuming 95 megawatts …

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Barkindo: Worst Is over for Oil Industry

The Secretary General, Organisation of Petroleum Exporting Countries (OPEC), Dr. Sanusi Barkindo, has said that given the very bad experience of 2020, the worst part of the crisis in the global oil market has been put behind it by the oil and gas industry. Barkindo spoke while participating via video-conference …

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